RoboForex

Fibonacci Retracements Analysis 13.02.2020 (AUDUSD, USDCAD)

GurutradeFebruary 13, 2020 at 10:06 AM 227 0

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after rebounding from the low at 0.6670, the pair has started a new correctional uptrend, which has already reached 23.6% and may yet continue towards 38.2% and 50.0% fibo at 0.6803 and 0.6846 respectively. The support is the low at 0.6662. If the price breaks the low, the instrument may continue the descending tendency towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.6532 and 0.6445 respectively.

In the H1 chart, AUDUSD is falling after reaching 23.6% fibo. MACD lines are directed upwards, thus indicating a possible growth after a short-term pullback.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the daily chart, USDCAD is forming a steady rising impulse towards the fractal high at 1.3328 after the convergence; it has already reached 50.0% fibo. Possibly, the price may form a new short-term pullback and then resume trading upwards to reach 61.8 and 76.0% fibo at 1.3391 and 1.3492 respectively, as well as the high at 1.3664.

The H4 chart shows more detailed structure of the current correction after the divergence. The correction has already reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 1.3184 and 1.3140 respectively. The resistance is the high at 1.3329.

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